Chinese e-commerce giant Alibaba will invest a total of 100 billion yuan by 2025 to contribute to the country's common prosperity, the local news portal zjol.com.cn reported Thursday.
Alibaba has launched the "Ten Actions to Promote Common Prosperity" and will set up a special permanent institution for this purpose, according to the report.
Alibaba's actions will focus on five areas: science and technology innovation, economic development, quality employment, care for the disadvantaged and the Common Prosperity Development Fund.
The ten actions will include:
Increase investment in science and technology to support the digitalization of less developed regions. This includes the establishment of a science and technology industry fund to promote the digital construction of less developed regions and their deep integration with the real economy, and the establishment of a science and technology talent fund and incentive program.
Supporting the growth of small, medium and micro enterprises. Reduce the daily operating costs of small, medium and micro enterprises and provide operating subsidies to promote the healthy development of small, medium and micro enterprises.
Facilitate the construction of agricultural industrialization. Build agricultural products collection centers and create a number of regional public brands jointly with local governments.
Support SMEs to expand overseas markets. Promote the construction of "green channels for cross-border trade".
Support high-quality employment. Launch a support program for young people to start their own businesses and provide diversified vocational skills training.
Help improve the welfare protection for flexible workers. For example, improve commercial insurance coverage for couriers, ride-hailing drivers.
Promote the equalization of digital life in urban and rural areas. Explore the joint construction of smart communities and beautiful villages.
Narrow the digital divide and strengthen services and protection for the disadvantaged. Promote more "cloud-based employment" for special groups, optimize the digital life experience of the elderly, and establish a fund to help children with serious illnesses.
Support the improvement of rural medical capacity. Investing in the construction of village medical stations.
Establish a $20 billion Common Prosperity Development Fund. The fund will be used to promote the construction of the Common Prosperity Demonstration Zone and to explore and demonstrate for the realization of Common Prosperity nationwide.